Echo Energy Share News (ECHO)

IN BRIEF: Echo Energy annual loss narrows on reduced expenses

Echo Energy PLC - Latin America-focused exploration company - In 2023, pretax loss narrows to USD2.8 million from USD4.3 million. Revenue is zero, little changed from a year ago. Administrative expenses fall to USD1.2 million from USD3.0 million and finance costs decrease to USD1.8 million from USD3.0 million. Finance income, however, falls to USD203,371 from USD1.6 million.

UK shareholder meetings calendar - next 7 days

Kibo Energy shakes up board, issues shares and may delist from JSE

(Alliance News) - Kibo Energy PLC on Friday announced a corporate restructuring that involves a board overhaul, capital raise and repositioning of the group.

TRADING UPDATES: North American Income replaces investment manager

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

TRADING UPDATES: Nexxen expands partnership; Geiger considers listing

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

IN BRIEF: Echo Energy raises GBP250,000 via subscription of new shares

Echo Energy PLC - Latin America-focused exploration company - Raises GBP250,000 via direct subscription of 5.6 million new shares at a price of 0.0045 pence each. Also announces the issue of 363.6 million warrants to the arranger of the subscription, exercisable at a strike price of 0.008 pence and expiring on January 29, 2029. Admission of new shares for trading on AIM is expected on Thursday this week.

IN BRIEF: Echo Energy extends GBP1.0 million loan to 2025, cuts interest

Echo Energy PLC - Latin America-focused exploration company - Restructures GBP1.0 million loan originally provided to company in March 2017. Extends loan to November 30, 2025 with current principal and accrued interest to date has been reduced by 10%. As a result, the total amount outstanding as at November 30 stands at GBP898,028, with a new annual lower interest rate of 2% agreed, which will be rolled up and paid at maturity. Says the purpose to the restructuring was to extend the term whilst also reducing the overall level of debt and preserving cash balances by avoiding further interest payments. Agrees to pay a GBP15,000 fee to the lender. Chief Executive Officer Stephen Birrell says: "I am delighted with the support shown by our lender, the Spartan Fund Limited SAC. Echo is full steam ahead originating and negotiating multiple business development opportunities and we look forward to updating investors in due course."

IN BRIEF: Echo Energy hires new CEO as director promoted to chair

Echo Energy PLC - Latin America-focused exploration company - Hires "highly experienced geoscientist" Stephen Birrell as new chief executive officer, effective immediately. Birrell is currently a non-executive director at Coro Energy PLC and Live Co Group PLC, and managing director at Ossian Energy Ltd. He served as a non-executive director at Ascent Resources PLC from 2020 to October this year. Echo's current CEO Martin Hull steps down to become a non-executive director, as does Non-Executive Chair James Parsons. Company promotes Christian Yates, another non-executive director, to chair with immediate effect. Yates says Birrell "brings a wealth of technical and commercial experience...we look forward to leveraging his experience as we look to deliver our strategy."

IN BRIEF: Echo Energy reports pretax losses in double results update

Echo Energy PLC - Latin America-focused exploration company - On Friday, reports results for 2022. Revenue totals USD86, down sharply from USD23,318 the year before. Pretax loss widens to USD4.3 million from USD1.9 million. Basic loss per share was 0.27 US cents compared to 0.15 cents before. Sees significant opportunities at this point in the economic cycle to secure new energy assets at attractive valuations and is currently exploring a number of these opportunities.

EARNINGS AND TRADING: Clean Invest reports interim loss and no revenue

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

TRADING UPDATES: Barryroe hires examiner in bid to avoid liquidation

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

TRADING UPDATES: Atlantic Lithium confident after Ewoyaa study

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News

IN BRIEF: Echo Energy seals sale of most of Santa Cruz Sur stake

Echo Energy PLC - Latin America-focused energy company - Completes deal to sell 65% of the company's 70% working interest in Santa Cruz Sur for GBP1.7 million to Selva Maria Oil SA and Interoil Exploration & Production ASA. Deal had been announced in May. The sale is intended to provide near-term funding to cope with current challenges, it said at the time.

Echo Energy to sell 65% interest in Argentine Santa Cruz Sur assets

(Alliance News) - Echo Energy PLC on Friday said it has signed a deal to sell 65% of the company's 70% working interest in Santa Cruz Sur for GBP1.7 million.

Echo Energy to partially sell Argentina-based Santa Cruz Sur assets

(Alliance News) - Echo Energy PLC on Tuesday said it plans to sell 65% of its 70% working interest in Santa Cruz Sur in Argentina, as the company grappled with over 100% year-on-year inflation in the country.